From the last few years, Blockchain has been a hot topic for discussion on news channels, social media and among office groups. And it does not seem the topics like blockchain and cryptocurrencies are going out of discussions in the coming years as well.
With lots of fans and critics, blockchain and blockchain application development is gaining popularity each passing day. Several startups and established businesses from different industry verticals like manufacturing, media, finance, banking, telecommunication, real estate, healthcare, energy, even the government sector are looking for different blockchain development services.
The demand for business-specific blockchain applications has revolutionized the technological world. People are investing in blockchain development considering technology’s potential in the long term.
If you are looking for blockchain application development for your business and not much aware of the technology. This post is dedicated to you guys, it will provide information about the technical aspects associated with technology and app development. Also, you will get to know how you can integrate blockchain into your business process and make the best choice considering blockchain app development companies. So keep on reading.
Blockchain apps or DApps are decentralized applications which mean there is no intermediator to control transactions between the users. Whether it is an exchange of messages, money, or data. Due to which, its possibilities of use in different industries extended to the next level and it turns out to be a relevant option for many businesses.
In a blockchain network, all the members behave like users and mini-servers at the same time. They perform data verification and its exchange within the network. To better understand the working of the blockchain working keep on reading.
Before knowing the working of DApps, it is important to understand the working of blockchain.
A blockchain is a network of members where all the data is shared among its members. The data here is chronologically stored in blocks. Once any transaction or data exchange takes place in a blockchain network, everyone will have a record or copy of this action on their own devices.
These data blocks are associated with a chain and once they are linked to the chain, no one can make changes to it. That is why a blockchain is extremely volatile and hard to steal data from it.
Setting up a blockchain requires enough storage space (from a few gigabytes to a terabyte). So one can’t develop a blockchain in a mobile device since it does not contain that much storage space.
Blockchain can be classified into two types based on the type of network.
It is a kind of blockchain that is accessible to all the members of the network and available to their own devices. Every member in the network has the right to access the code, verify transactions and interact with others while keeping their identity unknown. Bitcoin is the perfect example of permissionless blockchain.
A blockchain that allows only authorized users known as permissioned blockchain. In this blockchain network, every member has their roles and permissions. Not even this, this blockchain is regulated by a definite set of rules for transactions between the network members. The adoption of this kind of blockchain can be witnessed majorly for managing operations within organizations.
Blockchain apps are gaining popularity since they offer an anonymous and secure platform. Other than this, there is much more that encourages businesses towards the adoption of blockchain technology.
Before developing a blockchain application for your business, it is important to clarify the idea behind using blockchain technology. You must be sure that your business requires blockchain in the first place or not. After then think about the problems you want to resolve through DApp going to develop.
Market research is a must before moving ahead with blockchain application development. It will give you an idea of solutions available in the market and what better you can offer to take a leap ahead in competition.
As per technical standpoint, there are four ways to develop a DApp for your business.
You can choose from more than 25 blockchain solutions building platforms available in the market. However, here we are mentioning the top blockchain platforms which are commonly used for the development of blockchain apps.
Flexible and adaptable in nature, Ethereum is the first choice among blockchain app development companies for blockchain application development. It is an open-source and public platform which allows the creation of ICOs with smart-contract functionality other than blockchain dApp development.
With Multichain, it became easier for mobile app developers to develop private blockchain solutions and its deployment within or between multiple organizations.
Like Ethereum, Hyperledger is also an open-source platform. However, it is used for the development of advanced blockchain solutions. For example, one can develop IoT based blockchain solutions, blockchain apps for supply chain management and more.
EOS platform aims at providing a blockchain solution that can offer smart contract functionality, decentralized application hosting, and decentralized storage for the enterprise solution which completely eliminates scalability issues majorly seen with Blockchains like Bitcoin and Ethereum. Along with it, it ends up the need of paying any fees from the users.
Quorum is an Ethereum based open-source DLT and smart contract platform.
IOTA is an open-source DLT based solution that is used as an ideal platform for the development of payment systems. And the reason behind it uses a directed acyclic graph (DAG) and offers facilities like free transactions no matter what transaction size is, handling of unlimited transactions at a time, faster confirmation times, etc. This ensures faster and secure payment services between connected IoT devices.
If your blockchain application is built using languages like Solidity and Simplicity, there are high chances your development team will face problems supporting the app in the absence of expertise. The team will be in need of learning new languages and the principles of blockchain app development. However, these languages are way similar to the conventional languages which end up trouble learning these languages to a great extent.
Other than this, one can also witness the diversity in the development process based on your choice for connecting with an existing blockchain, using a BaaS, or go for creating an all-new blockchain for your own.
Whatever the case will be, the development process will encompass these stages.
Deployment is the final step of the development process. Once the product is ready and you have performed all the tests to check its functioning. Your application is all set to hit the app markets like the Google Play Store, Apple App Store and others. Now you will be able to see its performance and users’ response through user analytic data.
Maintenance is one of the most popular blockchain development services, a blockchain app development company offers. It is necessary to maintain the functionality and security of the application. Also, a timely update for an application makes it compatible with newer operating systems and libraries.
It is not easy to estimate the cost of blockchain application development. However, considering the following factors you might have a costing idea for the development.
Here we are providing a list of the estimated cost of blockchain development for a minimum viable product considering different development resources.
|Skill Level||In-House Developer||Freelance Developer||Blockchain App Development Company|
|Beginner (NewBie)||$500,000||$30,000 to $50,000||$150,000 to $250,000|
|Experts (Pro)||$2000,000||$50,000 to $90,000||$250,000 to $500,000|
If you choose an in-house team of developers for blockchain development it will be costlier however, you would get complete control over the development process. It is the right way to choose if your own business is software development. On the other hand, hiring freelancers is least expensive as compared to in-house developers. But it is risk-taking working with freelancers. You may consider freelance developers if the project is small. Because when the scope of a project grows the chances of risk factors also increases with time.
Whereas if your project is large, it is good to hire a blockchain app development company. Not only will it cost lower as compared to an in-house team of developers but also will support your project from time to time through its experience during the development phase.
In the above section, you have gone through all the important related to the development of a blockchain application. Now the question arises how can you use your own blockchain application to take advantages like improved security, increased revenue and optimized digital business operations. Let’s have a look.
Hope all the above-mentioned information will help you better understand the technology and its use for blockchain application development. Still having issues, there are several companies which are providing blockchain development services, you can choose the best blockchain app development company and let your blockchain application development project be done in affordable pricing.
The development of a decentralized, transparent, immutable and publicly accessible database is called blockchain development. Here blocks contain the digital information or can say transactional data. These blocks are further connected with each other using a hash function in a way that the current block contains the hash code of the previous block while the next block keeps the hash code of the current block thus forming a chain that is called a blockchain whereas the process is known as blockchain development.
Here is the list of some of the best technologies being used in 2020 for blockchain app development.
Which technology will be the best for your blockchain app development project, you can consult about it with the team of blockchain developers.
There are numerous tools available in the market for blockchain development. Here we are providing a list of blockchain development tools, one can use for the development of blockchain apps (DApps) and smart contracts.
To find the best blockchain tool for your project, you can consult the team of blockchain experts.
My name is Hemendra Singh. I am a Director and Co-founder of The NineHertz, IT Consulting Company. I am having a keen interest in the latest trends and technologies that are emerging in different domains. Being an entrepreneur in the field of the IT sector, it becomes my responsibility to aid my audience with the knowledge of the latest trends in the market.
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